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You must have also heard the name of Bernard Arnault, who became the richest person in the world leaving Elon Musk behind a few months. You may not know about their company. Although his company is very popular, especially among the nobles and celebrities around the world, his company’s products are very popular. We are talking about the French fashion company LVMH, which is also the largest company in Europe.
Europe’s first such company
Bernard Arnault’s company LVMH owns luxury brands like Louis Vuitton, Dior. According to a Bloomberg report, LVMH is also benefiting from the booming sales of luxury products, and due to this, LVMH has become the first company in Europe to be valued at more than $500 billion. The company has been helped by increased demand for its luxury products in China and a strengthening Euro.
This is the net worth of Arnault
LVMH has recently achieved another record. It has been included in the list of the world’s 10 most valuable companies only two weeks ago. Due to the tremendous increase in the value of the company, Bernard Arnault has got the status of the world’s richest person and his net worth is increasing continuously. According to the Bloomberg Billionaires Index, Arnault’s current net worth is around $212 billion.
Europe’s most influential company
LVMH was formerly known as Moet Hennessy Louis Vuitton. After the end of Monday’s trading in the Paris Stock Exchange, the company’s stock rose 0.3 percent to a new high. With this, the value of the company also crossed $500 billion. Let us tell you that in the stock markets of France and Europe, LVMH has the same status as the top tech companies in the American stock markets.
This is also helping
LVMH is also benefiting from the rise in sales of luxury products as well as strengthening of the euro against the dollar. The euro, the European Union’s currency, rose this month to its highest level in a decade against the dollar. In fact, the dollar is weakening due to the uncertainties of the US economy and increasing fears of interest rate cuts by the US Central Bank.
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